£2m raised through crowdfunding
Borrow A Boat has raised almost £2m through crowdfunding.
The company, that is aiming to be the Airbnb for boats, was formed in 2016 and since then has grown to have more than 22,000 boats listed for people to charter in more than 65 countries.
“How people go boating is changing – and Borrow A Boat is providing the 21st century solution,” said a company spokesman. “With charter boats of all types including peer-to-peer vessels, Borrow A Boat brings maximum choice to boaters and our website and app allow short notice and on-demand, on-location boating.”
The company previously raised money through crowdfunding in 2017 and since then has rebuilt its website, grown its team from four to 13 and achieved 300% of revenue turnover.
It is aiming to be the largest boat charter marketplace worldwide, gaining an increased share of the global charter market.
“The global boat charter market is a mature £50bn global market, yet pent-up demand for boating also exists as many people are still put off of boating by the perception of the requirement to buy a boat,” said the spokesman. “Borrow A Boat makes it easier than ever for people new to boating, while also better serving the existing mature market, which is fragmented and in need of a global marketplace booking solution.”
The latest crowdfunding follows two previous rounds – in 2018 £1.5m was raised and in 2017, almost £470,000 was raised.
It is backed by venture capital partner Edition Capital.
In Summer 2019 Borrow A Boat Plus was launched – a link-up with a superyacht central agent that has been bringing in new revenue for luxury crewed charter.
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